When we expand this out, we get four terms, and not two terms as needed. So $L \otimes L$ is not a Lie algebra, and we can't ask $\Delta$ to be a Lie algebra map. But
Edit: There seems to be some related notions. One could ask that $\Delta: L \rightarrow L \otimes L$ is an $L$-module, and we can ask that $\Delta$ be a map of Lie modules. This is what is asked for in a Lie bialgebra. The analogous definition thing with associative algebras is an open (non-commutative) Frobenius algebra. This is an algebra $A$, which consists of a commutative A$ with multiplication $m$ and cocommutative comultiplication $\Delta: A \rightarrow A \otimes A$, such that $\Delta$ is a map of $A$ bimodulesmodules. That is,
One could also ask that $$\Delta(a\cdot b) = a_{(1)} \Delta: L \otimes rightarrow L \cdot a_{(2)} b + otimes L$ be a \cdot b_{(1)} derivation of $L$ with values in the bimodule $L \otimes b_{(2)}L$. $$
Added: Maybe it would be more accurate to say This is the cocycle condition. The analogous thing for associative algebras is called an infinitesimal bialgebra. Aguiar discusses these objects in the paper "On the associative analog of Lie bialgebras." The idea of symmetrizing the associative product of an infinitesimal bialgebra is analogous to obtain a non-commutative Frobenius Lie bialgebra is discussed (this process does not always yield a Lie bialgebra).
In "Skein quantization of Poisson algebras of loops on surfaces," Turaev describes a Lie bialgebra. He also discusses a Hopf algebra which quantizes the Lie bialgebra. That is, an associative Since a Hopf algebra $A$, is a bialgebra with coassociative comultiplication $\Delta$, where $\Delta$ an antipode, maybe there is a map of $A$-bimodules. connection to be said between Lie bialgebras and bialgebras.

